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Dec 15, 2012
12/12
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, but i think you do have to sort of look beyond the fiscal cliff, not just to the fiscal cliff. there is a lot of obsession about it for understandable reasons, if they dig in their heels there is real fiscal drag involved, we don't think that is is that is the likely scenario, we think it is much more likely they downsize the size of the cliff and maybe knock half of it off and work on the rest in early 2013, but the more important thing, tom, i think is the secular things they can do in first half of 2013 to improve the trajectory of what we are doing with our entitlement programs and with tax reforms, and if they do that, that is what i mean by looking through the cliff, if those things happen, 200013 could set up and trigger a lot of good catalysts not just in the u.s. but around the world. >> yes that's the big enchilada you are talking about with entitlement reform and tax reform, what lies beyond the cliff or for that matter, you know, what with relooking at in terms of the economy beyond it? >> well, ithink if you look at three big factors, tom, europe has gotten better
, but i think you do have to sort of look beyond the fiscal cliff, not just to the fiscal cliff. there is a lot of obsession about it for understandable reasons, if they dig in their heels there is real fiscal drag involved, we don't think that is is that is the likely scenario, we think it is much more likely they downsize the size of the cliff and maybe knock half of it off and work on the rest in early 2013, but the more important thing, tom, i think is the secular things they can do in...
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Sep 4, 2012
09/12
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it's called the fiscal cliff. maybe you've heard about all the automatic tax increases and spending cuts that make up the fiscal cliff. now, before you say this is just another silly inside-the-beltway mess that doesn't affect my life. we want to tell you that the fiscal cliff is different. tonight, we're going to tell you what all this means to you, to our economy and our future. thelma and louise made pop history when they defiantly drove off that cliff. but this january, congress could steer the u.s. off a different cliff. and when someone falls off a cliff in washington, there are no stunt men to pick them up. on january 1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. and if we do go over this cliff and let all this happen, the economy is projected to stagger into recession. it could derail everything, it would
it's called the fiscal cliff. maybe you've heard about all the automatic tax increases and spending cuts that make up the fiscal cliff. now, before you say this is just another silly inside-the-beltway mess that doesn't affect my life. we want to tell you that the fiscal cliff is different. tonight, we're going to tell you what all this means to you, to our economy and our future. thelma and louise made pop history when they defiantly drove off that cliff. but this january, congress could steer...
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Nov 23, 2012
11/12
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. >> susie: a critical issue in this fiscal cliff debate: jobs. if the government cuts spending and raises taxes all at once on january 1, the economy will lose 2.5 million jobs. sylvia hall reports. >> reporter: in this baltimore lab, dr. curt civin researches leukemia in search of a cure. it's hardly a political job, but these days he's keeping a close eye on the federal budget. you see, the sequester-- the severe spending cuts headed our way in january-- could affect him. if it takes affect, it will cut an estimated $2.5 billion from the national institutes of health. dr. civin and researchers like him depend on grants from the institutes for funding. >> it's tough enough to cure cancer. tough battle. going to take a long time. to cut the funding, to have unevenness, to take a project all the way, and then say, "well, we can't scale this up the way we should, or even maintain it the way we should?" how can we do that. and it's not good for us. >> reporter: dr. civin says labs across the country may have to lay people off if their grants are def
. >> susie: a critical issue in this fiscal cliff debate: jobs. if the government cuts spending and raises taxes all at once on january 1, the economy will lose 2.5 million jobs. sylvia hall reports. >> reporter: in this baltimore lab, dr. curt civin researches leukemia in search of a cure. it's hardly a political job, but these days he's keeping a close eye on the federal budget. you see, the sequester-- the severe spending cuts headed our way in january-- could affect him. if it...
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Nov 30, 2012
11/12
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falls off the fiscal cliff. if the cliff is averted... >> then i think you will see silver, platinum, palladium-- the so-called white metals-- outperform gold, because they will tend to outperform in a risk-on environment in a cyclical upturn. >> reporter: now, the other scenario: >> in an environment where we go off the fiscal cliff and we see continued problems on the debt side for the u.s., i think the gold price outperforms the white metals. >> reporter: gold's price will also depend on whether central banks continue to diversify their holdings into gold, and whether they implement more quantitative easing to boost growth. the outlook for platinum is a little more complicated. there have been major supply disruptions due to labor unrest in south africa, which produces nearly all of the world's platinum. it also depends on demand. >> europe is a key part of the platinum demand picture. if europe can recover, certainly that's going to bode well for platinum demand. if the price trades higher, it may affect som
falls off the fiscal cliff. if the cliff is averted... >> then i think you will see silver, platinum, palladium-- the so-called white metals-- outperform gold, because they will tend to outperform in a risk-on environment in a cyclical upturn. >> reporter: now, the other scenario: >> in an environment where we go off the fiscal cliff and we see continued problems on the debt side for the u.s., i think the gold price outperforms the white metals. >> reporter: gold's price...
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Dec 20, 2012
12/12
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how do the fiscal cliff, the threat of the fiscal cliff, how could it be impacting consumer behavior? >> right now it could generate a lot of uncertainty in the minds of consumers. different demographics might react very differently. specifically, the 1% or 2% at the top, where the democrats are proposing very large tax increases, or the repeal of the bush tax cuts to that group, it ould aect their consumption decisions ahead of the holidays. they might choose to pull back or wait to see what the ultimate resolution might be. >> tom: is that going to be enough to show up in economic statistics that we see in december? >> well, sure. i mean, based on what i know, based on my previous research, given that, you know, especially looking at investor behavior, we know that investors are more likely to make mistakes when there is greaterarket-wide uncertainty, andwe can see tha in their decisions to trade, and trade more actively, and make bigger mistakes. they don't understand the implications of all of the tax cuts and so on. and they're likely to make bigger mistakes, which taken together
how do the fiscal cliff, the threat of the fiscal cliff, how could it be impacting consumer behavior? >> right now it could generate a lot of uncertainty in the minds of consumers. different demographics might react very differently. specifically, the 1% or 2% at the top, where the democrats are proposing very large tax increases, or the repeal of the bush tax cuts to that group, it ould aect their consumption decisions ahead of the holidays. they might choose to pull back or wait to see...
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Nov 21, 2012
11/12
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, where the economy goes off the broad fiscal cliff, the largest fiscal cliff, which, according the c.b.o. and our analys, would send the u.s. economy into recession, i don't think the fed has the tools to offset that. >> susie: members of the audience agreed. >> he was very frank in saying, you know, "we can try," he essentially said, "we will try, but we don't have anything in our arsenal that comes close." >> susie: bernanke is already using the weapons in his arsenal to fix the job market, which he said today is still "unhealthy". he also repeated the fed's plan to keep interest rates super low at least into 2015. >> we will want to be sure that the recovery is established before we begin to normalize policy. we hope that such assurances will reduce uncertainty and increase confidence among households and businesses. >> susie: but bernanke gave no hints on when americans can expect to see higher rates. >> the further we go down the road, the question is going to turn to how is the fed going to reverse policy, and what the chairman said today is that decision is a long way off. >> susi
, where the economy goes off the broad fiscal cliff, the largest fiscal cliff, which, according the c.b.o. and our analys, would send the u.s. economy into recession, i don't think the fed has the tools to offset that. >> susie: members of the audience agreed. >> he was very frank in saying, you know, "we can try," he essentially said, "we will try, but we don't have anything in our arsenal that comes close." >> susie: bernanke is already using the weapons...
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Nov 7, 2012
11/12
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you'd think the fiscal cliff would be a huge issue here. virginia depends heavily on defense spending and is facing massive cuts if congress doesn't act. but sequestration, the official word for the fiscal cliff cuts, hasn't been a campaign issue. >> they tried to play sequestration and blame it on each other, and i don't think it had any traction whatsoever. most people don't know what it is and they blame both parties for it. >> reporter: voters here are more concerned about everyday economics. >> mainly, i want change in the economy, like better prices on gas and food. i want to make sure my job is secure. >> i'm looking at my grandkids as far as college and what the future is going to hold for employment for them and even if they can. >> followings stocks. when you study them and you realize that the economy is doing better than people admit. reports i read give the honest take versus the political take. what i see is an economy that is on a slight trend, and i want to see the trend continue. therefore, i'm going to do something to make
you'd think the fiscal cliff would be a huge issue here. virginia depends heavily on defense spending and is facing massive cuts if congress doesn't act. but sequestration, the official word for the fiscal cliff cuts, hasn't been a campaign issue. >> they tried to play sequestration and blame it on each other, and i don't think it had any traction whatsoever. most people don't know what it is and they blame both parties for it. >> reporter: voters here are more concerned about...
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Nov 14, 2012
11/12
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economy of the fiscal cliff. expectations remain mixed for fancier retailers, but some experts predict the debate in washington over taxes will simply delay holiday purchases made by wealthy americans. >> i would expect that holiday spend won't get impacted as much. some of the larger wealth items, tax planning, estate planning, that's where their focus will be. it may defer some of it because they've been preoccupied. >> reporter: tom jacobsen tracks consumer spending behavior and believes the fiscal cliff will impact shopping patterns. he says in an uncertain economy retailers will need to pay close attention to pricing. >> as the confidence erodes, you might need more discounting to sell a luxury good. but that extra discounting won't take away from that good-feeling luxurious. >> reporter: according to a study out today, half of u.s. consumers still plan to buy make a small luxury purchase in the next six months. of those, 53% want specialty food or drinks, 48% are in the mood for luxury clothing, and 48% are
economy of the fiscal cliff. expectations remain mixed for fancier retailers, but some experts predict the debate in washington over taxes will simply delay holiday purchases made by wealthy americans. >> i would expect that holiday spend won't get impacted as much. some of the larger wealth items, tax planning, estate planning, that's where their focus will be. it may defer some of it because they've been preoccupied. >> reporter: tom jacobsen tracks consumer spending behavior and...
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Nov 13, 2012
11/12
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WETA
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economy from falling off the fiscal cliff. while washington struggles on a fiscal cliff deal, what should you do about your portfolio? jeff applegate has some answers. he's chief investment officer at morgan stanley smith barney. and home depot hammers home strong gains and lays the foundation for a strong quarter ahead. that and more tonight on "n.b.r." it was another day of cliff- watching here on wall street today. investors and traders are waiting to hear what happens at an important white house meeting on friday between president obama and congressional leaders. they will be talking about ways to solve the so-called "fiscal cliff" dilemma. investors appear cautious about making any big moves until they know whether the cliff will trigger increases in capital gains and dividend taxes. the dow fell almost 59 points, the nasdaq lost 20, and the s&p was down five. meanwhile, in washington, congress returned to work for the first time since september. lawmakers face a long "to-do list," and getting a deal on that fiscal cliff
economy from falling off the fiscal cliff. while washington struggles on a fiscal cliff deal, what should you do about your portfolio? jeff applegate has some answers. he's chief investment officer at morgan stanley smith barney. and home depot hammers home strong gains and lays the foundation for a strong quarter ahead. that and more tonight on "n.b.r." it was another day of cliff- watching here on wall street today. investors and traders are waiting to hear what happens at an...
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Nov 13, 2012
11/12
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lawmakers: avert the fiscal cliff, or risk a credit downgrade. >> tom: i'm tom hudson. we're going global with legendary investor mark mobius, franklin templeton's top strategist on the state of emerging marketnow. >> susie: and picture this: the u.s. is just a few years away from being the world's top oil producer, and self-sufficient. we'll tell you who's making that prediction, and investment strategies for your portfolio. >> tom: that and more tonight on "n.b.r."! >> susie: the u.s.'s top-notch credit rating is at risk. that's the warning today from moody's investor's service. the ratings agency told u.s. lawmakers that when it comes to the fiscal cliff, the time to act is now, not next year. moody's said if action on averting the cliff is delayed until 2013, it might downgrade the stellar credit rating on u.s. debt. right now moody's has a negative outlook on the u.s. economy. worries about a fiscal freefall, kept wall street stocks in check: the dow and nasdaq fell a fraction, while the s&p was up a fraction. american businesses are not only concerned about the fi
lawmakers: avert the fiscal cliff, or risk a credit downgrade. >> tom: i'm tom hudson. we're going global with legendary investor mark mobius, franklin templeton's top strategist on the state of emerging marketnow. >> susie: and picture this: the u.s. is just a few years away from being the world's top oil producer, and self-sufficient. we'll tell you who's making that prediction, and investment strategies for your portfolio. >> tom: that and more tonight on...
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Oct 4, 2012
10/12
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cliff if we go over the fiscal cliff, if we plunge over the highest bluff along the fiscal cliff, it's very likely the economy will fall into recession and the unemployment rate instead of being 8 at the end of next year will be above 9. so the first thing that any elected official needs to do in 2013 is prevent job losses by doing something about the fiscal cliff. >> susie: are you predicting a recession? >> no, we're not. we do think that in a crisis environment at the 11th hour, some sort of arrangement will be made that will delay the fiscal contraction that's on the books now. so that the economy will continue to grow in the first half of next year, but at a slow pace. >> susie: thanks, joel. joel prakken, chairman of macro economic advisors. >> tom: still ahead, what's worse than training somebody and having them leave? not training somebody and having them stay. an on the job training program designed to create new jobs. in just a few hours, president obama and governor mitt romney will face off in the first presidential debate. as both candidates fight for votes, each has clear
cliff if we go over the fiscal cliff, if we plunge over the highest bluff along the fiscal cliff, it's very likely the economy will fall into recession and the unemployment rate instead of being 8 at the end of next year will be above 9. so the first thing that any elected official needs to do in 2013 is prevent job losses by doing something about the fiscal cliff. >> susie: are you predicting a recession? >> no, we're not. we do think that in a crisis environment at the 11th hour,...
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Nov 12, 2012
11/12
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and, the same problem confronting the nation: yet another fiscal cliff. everyone knows the damage that falling over the fiscal cliff may bring: further policy gridlock, a sudden recession, and an unknowably bad shock to worldwide demand for u.s. debt. to avoid this fiscal damage, america today needs some people to step up and show the leadership of bill murray. to acknowledge that the country needs some mix of spending restraint and tax-revenue increases while both stimulating growth and protecting the vulnerable. and, to do all this with the necessary imagination. both parties have acknowledged the need for fundamental corporate-tax reform. who will lead the charge on cutting americas business taxes- but linked to reducing high-end tax expenditures to not further aggravate our deficits? here is hoping that in the coming days, americas fiscal life can imitate bill murray's art. i'm matt slaughter. >> tom: and finally tonight, wall street paused to honor the nation's veterans today. at the n.y.s.e., members of the u.s. armed services rang the opening bell,
and, the same problem confronting the nation: yet another fiscal cliff. everyone knows the damage that falling over the fiscal cliff may bring: further policy gridlock, a sudden recession, and an unknowably bad shock to worldwide demand for u.s. debt. to avoid this fiscal damage, america today needs some people to step up and show the leadership of bill murray. to acknowledge that the country needs some mix of spending restraint and tax-revenue increases while both stimulating growth and...
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Dec 8, 2012
12/12
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KQED
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. >> i think the fiscal cliff ultimately will be rendered into a fiscal slow. between now and then the uncertainty is paralyzing ceo companies from big to small. you can see in the core capital goods orders which have basically fallen off in the last two quarters indicative of holding that business investment and hiring back which we think will change once we have some certainty brought into that equation. >> tom: finally housing which has shown remarkable stability in several markets but there's talk about limiting mortgage deductions with the fiscal cliff negotiations sometime next year. couldn't that impact the recovery? >> it could. obviously it might be relegated to more affluent households in terms on of the ability to do a deduction either in full or part. tend of the day there's a large household informq.rjz that's occur that's going to drive perspective homeowners into the market regardless. >> tom: let's get to the pic3sb here. you do like housing stocks with the home builders etf. what do you anticipate. they've had a nice run already. >> they've bee
. >> i think the fiscal cliff ultimately will be rendered into a fiscal slow. between now and then the uncertainty is paralyzing ceo companies from big to small. you can see in the core capital goods orders which have basically fallen off in the last two quarters indicative of holding that business investment and hiring back which we think will change once we have some certainty brought into that equation. >> tom: finally housing which has shown remarkable stability in several...
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Dec 12, 2012
12/12
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some experts think the overhang of the fiscal cliff will likely dampen investor enthusiasm. erika miller, nbr, new york. >> tom: the latest economic statistics the federal reserve can consider is the october trade balance, with american importing a record amount of stuff from china. that increased our trade deficit to $42.2 billion. u.s. exports fell 3.6%, the biggest drop in almost four years. imports also fell, down 2.1% to the lowest in 20 months. on wall street, the dow gained 78, the nasdaq rose 44, the s& up nine. >> susie: our next guest says the fed's stimulus policies have been good for the u.s. economy and the markets. he's mike holland, chairman of his money management firm, holland and company. >> susie: mike, you heard erica's report. which do you think is more important for investors, fed policy action tor the fiscal cliff talks? >> right now, susie, the fiscal cliff talks are clearly the item dejure for the stock market. i think most people expect exactly what eric miller was talking about from the fed. and bern bueno ben bernanke hasn transparent and telling
some experts think the overhang of the fiscal cliff will likely dampen investor enthusiasm. erika miller, nbr, new york. >> tom: the latest economic statistics the federal reserve can consider is the october trade balance, with american importing a record amount of stuff from china. that increased our trade deficit to $42.2 billion. u.s. exports fell 3.6%, the biggest drop in almost four years. imports also fell, down 2.1% to the lowest in 20 months. on wall street, the dow gained 78, the...
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Dec 7, 2012
12/12
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WMPT
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and one of our viewers has a question for you about the fiscal cliff. you know all about the back and forth and drama about the fiscal cliff and delores wants your thoughts on where do you stand on this whole fiscal cliff, how will it play out. >> congress better get off its duff and do something. and i think that finally the pressure will be on us. but they always do it right to the last, you know, minute. but i think it's got to happen or they're going to be ousted from their hallowed political seats. >> tom: you could argue in the three years you've been away from the nbr anchor desk congress hasn't done a lot to address the fiscal situation. >> no it's just ridiculous. i mean these are our elected representatives and they have got to pay a little more attention to those that got them in the office. and they're arguing amongst themselves without much care about the people they represent. >> tom: a lot of those folks are retiree, we have a question from anita asking what is the investing or financial planning lesson paul use most during retirement? >>
and one of our viewers has a question for you about the fiscal cliff. you know all about the back and forth and drama about the fiscal cliff and delores wants your thoughts on where do you stand on this whole fiscal cliff, how will it play out. >> congress better get off its duff and do something. and i think that finally the pressure will be on us. but they always do it right to the last, you know, minute. but i think it's got to happen or they're going to be ousted from their hallowed...